From what I've heard in discussions of celebrities' rights to privacy, it would seem that you are correct in your assumptions. However, if you are visible from a place that the observer has a right to be in, you can not assume privacy. For example, just as you could be arrested for going out onto the unfenced front lawn of your privately owned surburban home in the nude and flashing the nieghbors children, taking photos with a telephoto lens of celebrities on their 100 acre private property from an adjacent public mountain ridge is legal.
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